Many Open Electricity Market Retailers folding up

[Byebye Penis]

Singapore electricity providers hit by global power crunch quit market​

https://www.reuters.com/world/asia-...ider-quits-market-pressure-others-2021-10-14/

iSwitch Energy, one of Singapore's largest independent electricity retailers, said on its website that it will be ceasing electricity retail operations on Nov. 11, due to "current electricity market conditions". The company declined to comment further.

SilverCloud Energy, which supplies power to commercial, industrial and residential buildings, told Reuters it will also exit the market soon and is notifying customers to switch to other providers or transfer back to state-owned SP Group.

Company sources told Reuters that Diamond Electric, Best Electricity Supply and Ohm Energy had stopped accepting new customers, with Diamond Electric in the process of handing over existing term contracts to another utility provider. The three firms did not respond to an emailed request for comment.

 

[Byebye Penis]

Electricity prices will likely continue to increase in the next six months. It appears that there is a global energy crisis with soaring Natural Gas, Oil and Coal prices.

Some countries have announced tax cuts and subsidies to help consumers cope with these costs. Businesses are also projecting almost 30-50% increase in electricity costs compared to a year ago when they renew their open electricity contracts.

Draghi pledges €3bn energy subsidy to maintain Italy’s pandemic recovery​

https://www.ft.com/content/f790e5aa-a82f-4378-ac06-ea074e3ab9b2

French PM vows gas price freeze and tax cuts to curb energy inflation​

https://www.politico.eu/article/french-government-to-freeze-gas-prices-lower-tax-on-electricity

U.K. Should Cut Energy Tax for Consumers, Industry Group Warns​

https://www.bloomberg.com/news/arti...energy-tax-for-consumers-industry-group-warns

 

[Byebye Penis]

While our citizens and businesses are suffering from huge spike in electricity charges, Singapore is planning for more taxes on energy use.

The government will announce the revised carbon tax rate for 2024 in the budget next year, and indicate what can be expected up to 2030. Lawrence Wong said the current carbon price is “too low”.
https://www.bloomberg.com/news/arti...says-need-to-counter-rising-wealth-inequality​

 

[syed putra]

This is a climate change induced energy shortage. There are alternatives, but banks are held back from funding the purchase for fear of radical shareholders and protests.
And current management policy dictates move to cleaner fuel

 

[Byebye Penis]

About 90,000 households may face electricity bills over 20% higher as retailer iSwitch exits market
https://www.todayonline.com/singapo...ity-bill-hikes-over-20-retailer-iswitch-exits

 

[laksaboy]

Another sneaky way to grab money from Sinkies... increased electric bills due to 'unforeseen circumstances'.

In the end everything gets funneled back to SP Power or one of the crony GLCs.

Waiting to see what other methods will be used in future... never underestimate a desperate and broke government with zero scruples.

 

[laksaboy]

While our citizens and businesses are suffering from huge spike in electricity charges, Singapore is planning for more taxes on energy use.

The government will announce the revised carbon tax rate for 2024 in the budget next year, and indicate what can be expected up to 2030. Lawrence Wong said the current carbon price is “too low”.
https://www.bloomberg.com/news/arti...says-need-to-counter-rising-wealth-inequality​

The PAP govt is a bitch of the globalists, hardly surprising.

If you understand the following infographic, everything suddenly makes sense.

 

[Loofydralb]

About 90,000 households may face electricity bills over 20% higher as retailer iSwitch exits market
https://www.todayonline.com/singapo...ity-bill-hikes-over-20-retailer-iswitch-exits

To those who voted for PAP. Nice right? Jolly deserved this you clowns.

 

[congo9]

The reseller incurs no cost in producing the electricity, all they need is an office and an automated billing system. All done in cloud. Costs is low, and the director just earn a few k a month to pump petrol. It should suffice. No need to close down.

 

[OrLanChowHorFun]

all part of the plan ?

all these companies are started by GLCs, electricity go down 20% and water go up 30% = so if all close down, then PAP make extra 30% from water !

 

[sweetiepie]

Mdm Mazidah said that she is disappointed with iSwitch’s impending closure and is “not looking forward” to going back to SP Group because it is more expensive

Mdm Mazidah said that when she was previously with SP Group, she paid about S$300 a month for both water and electricity, but with iSwitch, she found herself paying only about S$240 for her utilities — S$170 for electricity under iSwitch, and S$70 for water with SP Group.

KNN my uncle say lansai lah mdm mazidah thought still can find the same deal after jumping ship mare KNN also her usage is 3x my uncle's one KNN must be the house at least 10 pax KNN

 

[Byebye Penis]

OHM just confirmed closing with immediate effect.
https://www.todayonline.com/singapo...retailer-3-days-announce-exit-volatile-market

 

[JohnTan]

Singapore electricity providers hit by global power crunch quit market​

https://www.reuters.com/world/asia-...ider-quits-market-pressure-others-2021-10-14/

iSwitch Energy, one of Singapore's largest independent electricity retailers, said on its website that it will be ceasing electricity retail operations on Nov. 11, due to "current electricity market conditions". The company declined to comment further.

SilverCloud Energy, which supplies power to commercial, industrial and residential buildings, told Reuters it will also exit the market soon and is notifying customers to switch to other providers or transfer back to state-owned SP Group.

Company sources told Reuters that Diamond Electric, Best Electricity Supply and Ohm Energy had stopped accepting new customers, with Diamond Electric in the process of handing over existing term contracts to another utility provider. The three firms did not respond to an emailed request for comment.

Sinkies should be grateful that they now have the privilege of buying electricity directly from SP Group. With good quality electricity, their lives can only get better.

 

[LittleP]

Don't say never give advance notice hor. Another major hike due 1st QTR 2022

 

[sweetiepie]

Sinkies should be grateful that they now have the privilege of buying electricity directly from SP Group. With good quality electricity, their lives can only get better.

Can you kindlee explain what is good quality electricity? Won't get electrocuted or ?

 

[JohnTan]

Can you kindlee explain what is good quality electricity? Won't get electrocuted or ?

Electricity provided by a PAP-led GLC or stat board. The electricity supply is regular, unlike what people in third country countries experience with regular blackouts.

 

[Byebye Penis]

USEP is the wholesales price of electricity. It fluctuates though out the day depending on demand and supply.

In the month of October, there were many days that for several hours, the USEP hit $2-3 per kwh. The open electricity vendors quoted the earlier contracts for merely 17 to 25 cents per kwh.

So the middlemen are collapsing this month while power plants huat.

 

[Byebye Penis]

Senoko hiked prices overnight (10%) due to surge in applicants.
Looks like more people will charge their phones in office.

 

[Byebye Penis]

 

[Byebye Penis]

USEP is the wholesales price of electricity. It fluctuates though out the day depending on demand and supply.

In the month of October, there were many days that for several hours, the USEP hit $2-3 per kwh. The open electricity vendors quoted the earlier contracts for merely 17 to 25 cents per kwh.

So the middlemen are collapsing this month while power plants huat.

Exits by S'pore electricity suppliers sparked by price volatility amid global energy crisis​

https://www.straitstimes.com/singap...liers-sparked-by-price-volatility-amid-global